BaFin: consultation on amendments to MaComp regarding the Securities Trading Act

BaFin intends to amend MaComp circular on the Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organization and Transparency pursuant to Sections 31 et seq. of the Securities Trading Act (Wertpapierhandelsgesetz("WpHG")) for investment services enterprises and made available a proposal for consulation. BaFin intends to amend paragraph BT 3.2 and to partly abolish paragraph BT 5 of the MaComp. The latter adjustment results from new provisions of the market abuse regulation (EU) 596/2014 ("MAR"), directly applicable in Germany since July 2016, that have therefore replaced several provisions of the WpHG. In order to avoid potential inconsistencies with regard to the uniform interpretation of the MAR throughout Europe, certain sections of the MaComp, especially those specifying the annulled provisions of the WpHG, need to be removed. The consultation period will end at 14th December 2016. The text of the proposal (German) is available via the link below.